Monday May 19, 2008 - 20:21:36 GMT
Share This Story
Global-View - www.global-view.com
FX Blog- Market Snapshot Far East Open for 20 May 2008
Global-View.com Market Sentiment reports are prepared periodically during trading sessions by the trading professionals at GVI Gold. For more information on the GVI Gold Service Click Here.
GVI Market Snapshot- Far East Open for May 20, 2008
- Sentiment for the USD improved again on Monday as the EUR/USD exerted a gravitational pull when the pair tried to extend its gains to above the 1.5600 line. This same gravitational pull also surfaced last week on a test below the 1.5400 line. On Monday, M&A flows were blamed for the USD recovery. This is also expected to be a slow week with little major data due from the U.S. Furthermore, next Monday will be major holidays in the U.S. and London.
- As the EUR/USD to pivots 1.55 line. Its position relative to that level has been setting the tone of the market.
- Tuesday will see German ZEW sentiment data and U.S. April PPI data.
What the Market Prices are Indicating:
Forex and Commodities:
- The USD is higher vs. the EUR. The GBP is down from late Friday. The EUR/GBP cross is lower.
- The carry-trade driven currencies (AUD, CAD and NZD) are trading widely mixed vs. the USD. Gold and oil are firmer.
- The carry trade financing currencies, JPY and CHF, are weaker vs. the USD. EUR/JPY is firmer. The EUR/CHF is steady. The CHF is a bit higher vs. the JPY
Equities and Bonds:
- The Shanghai Composite closed lower, while the Hang Seng gained. The Japanese Nikkei closed higher. 10-yr JGBs closed at 1.67%, -1bps.
- Key European bourses closed higher. Eurozone benchmark bond prices closed lower.
- U.S. equities ended. U.S. bond prices are higher.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."